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UK Income Tax Explained (UK Tax Bands u0026 Calculating Tax)

That Finance Show 68 views

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Two things: The Queen was not harmed in the making of this video Yes, I know I put too much milk in my tea
Comment from : @ThatFinanceShow

My workplace pays a weekend premium of £25 if you have to work weekends So if you work Saturday and Sunday, you'll get £50 When I looked at my payslip on payday, it showed that the taxman took all my weekend premium so I don't receive a penny of that money How the hell is that right?
Comment from : @SHADOWNINE79

I have a stupid question, since this is my first job here When you overcome your personal allowance you start paying taxes, ok But what happens at the end of the financial year? The personal allowance returns to 0 and so you will have other X months without paying taxes?brSorry, I hope I am clear enough
Comment from : @LavaPahoehoe

But an unfair tax conbined with NIbrSo income threshhold is increase more money in your pockectbrNI flat rate for all
Comment from : @sammygeebroady793

People of the UK!! brbrWhen returning to work this year ask your employer to not pay PAYE tax out of your wages!!brbrBoycott Taxation from the money you earn!!brbrThe government will only give the money you earn to those too lazy to earn for themselves brbrThe NHS is already in shambles so taking our taxes out of the equation can't make it worse for us!!!brbrBoycott Taxation they cannot put the whole working class of uk residents in prison!
Comment from : @connorgurney8889

now this is what i call a proper government
Comment from : @sheldonprimeaux

im loving british humour
Comment from : @MuhammadUsama-l2p

City of London Crown Corporation mafia games
Comment from : @lw1zfog

Im new to all this so with fresh eyes i have to ask WHY was a system that could be fair ( uses a ) and therefore more you earn more you pay in a proportional fair way made into an UNFAIR one with tax bands I mean think about it! An 80k salary becomes a 56K one thats patently NOT fair Am i missing something?
Comment from : @MJKoKoMary

Tyrique Shoals
Comment from : @LoisEthridge-j6c

Nice and clear thx!brCan you explain if i get pay rise from £175/h to 18, why my weekly wages only go £35 higher after tax, and £35 higher before tax? I am done 48 hours in a week, so this is not adding up Thx
Comment from : @maxkster

UK IS A CORPORATIONbrDO YOU LIVE IN A CORPS
Comment from : @johnoleary9317

Thank you, well explained
Comment from : @ammorning5984

Does your tax calculator have a section for adding benefits like PIP & Pension credit?
Comment from : @whu58

I got one question, I do trading forex, I use Skrill for the payments, to the brokers, Now If I have a earning of 100,000 GBP in my Skrill account, do I need to pay tax on the amount in the my Skrill e-wallet or on the amount which I withdraw from Skrill to my bank account
Comment from : @artistamusista

succinctly explained!
Comment from : @bryanotienoogembo1490

Skip to 2:40 for the actual start of the video
Comment from : @jackwiegmann

Awesome video tom!
Comment from : @orsongonsalves2145

I’m struggling to see why I have to pay tax though, Education in the country is shit, housing is shit, the roads are shit, Trainline is shit Everything the tax money goes towards is just shit
Comment from : @spacecowboy6222

Nicely done mate!
Comment from : @jigarrathod9216

You are not funny bro
Comment from : @user-dd4vp2cg5x

brilliant video really clear to understand thank you
Comment from : @kinberley2

Thank you so much for breaking it down into a way it was easier to understand
Comment from : @flamingsunshine

Habibi, come to Dubai
Comment from : @henrylynch9437

Are there any other taxes to look out for or is it just Income tax you will have to pay within the UK?
Comment from : @chrisclarke4665

One thing that really annoys me about having to pay tax is how some of that money goes into things that are just going to cause me problems brbrFor example, all of the roadworks in the country are paid for with the money of British taxpayers and yet roadworks cause a lot of problems for people brbrIn what sense does it make having to pay for something that makes your life more difficult?
Comment from : @ThunderForce2000

What a minute, do different rules not apply to people who live in scotland??
Comment from : @SarahSmith-ym9ri

Thanks brother, very useful for people moving to UK So your statement at 06:57 is not correct People earning over 200k might definitely be watching these videos😅
Comment from : @architguleria989

Just tell us, stop trying to be funny
Comment from : @FLYINGSCOTSMAN1

*His Royal
Comment from : @thegrey53

Hi, please I have a question, I got my first job in the uk in July and I wasn’t taxed for the first 3 months, but got taxed this month of October, what does this imply? Was I supposed to be taxed yet?
Comment from : @Fadajasi

so, do I subtract the personal allowance first before checking which bracket I'm in?
Comment from : @adetooni

thank you, this was very funny and it helped a great deal
Comment from : @MagicForWiseguys

I loved the Elizabeth jokes
Comment from : @SporeZSporeZ

If you earn £200,000 As you explained there are no personal allowances yet you only tax £37,000 @ 20 percent Yet the first applicable bracket would be £50,270 ? brShouldn’t it be 20 percent on the £50,270 ?
Comment from : @philstone404

When the mafia robs you it's illegal When the queen robs you you worship her
Comment from : @ChuckleHoneybear

So in other words try and get your employer to pay you £12,500 a year and the rest is cash in hand
Comment from : @tooldtoplay5892

Can someone explain to me the last example please?
Comment from : @DanielleT192

I'm here in the philippines, someone want to send money for me from UK May I ask, should I pay any tax?
Comment from : @rubieorganista9370

Great video mate! Liked and subbed 👍
Comment from : @leowong865

Do people under 21 not pay tax
Comment from : @ronicabonquisha8369

just get to the point
Comment from : @kinan-brian

Should've studied accountancy Oh wait, my mathematical skills aren't up to par
Comment from : @InshasChoice

Do you offer financial advice? on a personal level?
Comment from : @pegli286

Good video thanks! I managed to take a massive hit this past tax return, all I ever thought was "20 20" not taking into account national insurance and my student loan 😕😭
Comment from : @stevebrooks1331

I wish we learnt this in school 😂😂😂😂
Comment from : @natachadealvezofficial

Dear Sir,brbrIf you do not mind, I would like to ask for information regarding the tax refund when leaving the UK To be more precise, how much tax would I be entitled to claim in the event I worked full time for four months in this tax year and decided to leave the UK in march 2023 The total payment on P45 is £9657,06 and my income tax is £957,40brbrThank you
Comment from : @mr-hkl

Could someone explain one thing for me please? Why is it when I check my payslips from the beginning of the financial year (those within the personal tax allowance) do I see tax deductions?
Comment from : @holeydel

Thats why we all came here😂 daaaamn guys daaamn
Comment from : @F30-Jet

Why wouldnt you put tax and Ni in the same video Its essentially the same thing
Comment from : @iCozzh

That website at the end was a god emperor recommendation, thank you!
Comment from : @henseltbrumbleburg3752

Examples are all good but might have been useful to just show the brackets in plain numbers before diving into scenarios Good video though cheers!!!
Comment from : @ozone063

Due to the unecessary blasphemy on the video I will not subscribe to your channel
Comment from : @michellea9857

Hello my contract is 37 hours per week but I wanted to 40 hours overtime every week how much tax gonna be please anyone help me my pay rate 1019
Comment from : @bikshapathijilla3004

Brilliant video! The sublte uses of witty humour and clear use of examples makes it more interesting and successful to learn
Comment from : @mraudio120

Thanks for the information! it's very clear and easy to understand the calculator website is useful, i like it a lot! But may I ask how can I apply the tax refund?
Comment from : @JustChim

Thanks for sharing about music as it was interesting
Comment from : @MrLawrinson

So high the tax payments in Uk
Comment from : @angelamaryam2396

Tom, what is the best way to maximise your earnings with taxes?
Comment from : @sport231

I get paid weekly and, with overtime, I will be creeping over the £50000 barrier on week 49 What will I pay in the remaining weeks? Will it affect how much tax I pay the following year?
Comment from : @petermurphy75able

Less jokes more straight to the point info, I had to force myself to watch all this
Comment from : @GrimJRS

Great video! Would be nice to see a similar video on how extra jobs change things, and more about capital gains tax :)
Comment from : @BenFarrar97

i just learned how to calculate tax in less than 10mins because of you i have been struggling for monthsthank you
Comment from : @chineduogbu22

Nice! Great video and content
Comment from : @JoyceLuna

Great video on taxes bro , a topic not enough people have a good grasp on and really like your video style too! New like & sub 👏🏾👍🏾
Comment from : @Benje